Smart Ports Market Growth
WILMINGTON, DE , UNITED STATES, August 28, 2024 /
EINPresswire.com/ -- Smart ports, also known as intelligent or digital ports, are modernized port facilities that leverage advanced technologies, data analytics, and AI to enhance efficiency, safety, and sustainability.
The
smart ports market was valued at $2.0 billion in 2022, and is estimated to reach $15.5 billion by 2032, growing at a CAGR of 23.1% from 2023 to 2032.
These ports integrate various digital and automated solutions to streamline operations and provide real-time insights for better decision-making.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞:
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Smart ports offer significant improvements in operational efficiency through automation, AI-driven processes, and real-time data analytics. Ports have increasingly adopted smart technologies to manage higher cargo volumes and reduce turnaround times, enhancing overall productivity.
Moreover, the proliferation of the Internet of Things (IoT) and advancements in connectivity technologies enable seamless data collection and communication within the port ecosystem, supporting the implementation of smart port industry solutions. In addition, governments worldwide have promoted the development of smart ports through incentives, grants, and policy support.
These initiatives accelerate the adoption of smart technologies in port infrastructure, which is anticipated to boost the growth of the smart ports market.
However, many existing ports have outdated infrastructure and legacy systems that may not be compatible with the latest smart technologies. Retrofitting or upgrading these facilities to accommodate smart features can be challenging and costly.
On the contrary, smart ports can enhance the competitiveness of a country or region in the global market by attracting more shipping lines and businesses, leading to increased trade volumes through advanced infrastructure, efficient operations, and better customer experiences.
This factor may act as an upcoming opportunity for the smart ports market.
𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.alliedmarketresearch.com/checkout-final/64a3903c396d3c906dc26080d7944caf
The smart ports market analysis is segmented based on technology, throughput capacity, port type, and region. By technology, the market is segregated into process automation, blockchain, Internet of Things (IoT), and AI.
The IoT segment dominated the global market in terms of revenue in 2022. IoT sensors attached to containers, vehicles, and cargo allow real-time tracking and monitoring of their movements within the port premises and throughout the supply chain, providing better visibility into cargo status, location, and condition, and facilitating more efficient logistics operations.
IoT sensors are deployed on port equipment, such as cranes, trucks, and handling machinery, to monitor their performance, health, and usage. Real-time data helps in predictive maintenance, reducing downtime, and optimizing equipment utilization.
These factors altogether may surge the adoption of IoT technology in the smart ports market trends, thus fueling the smart ports market growth. On the basis of throughput capacity, the smart ports market scope is divided into extensively busy, moderately busy, and scarcely busy.
The extensively busy segment dominated the global smart ports market share in terms of revenue in 2022, with a 48.3% share in the global market.
Implementing AI-powered autonomous vehicles and machinery can further optimize cargo handling processes. These autonomous systems can work collaboratively, adapt to changing conditions, and operate around the clock, increasing overall efficiency.
Furthermore, in extensively busy smart ports, the successful implementation of AI technologies can contribute to smooth and fast port operations, driving higher efficiency, cost-effectiveness, and improved customer experiences while meeting the challenges of managing large-scale operations. This factor is a major market trend in the global smart ports market for extensively busy smart ports.
On the basis of port type, the market is bifurcated into seaport and inland port. The seaport segment dominated the global market in terms of revenue in 2022, with a 63.3% share in the global market.
Seaport smart ports use AI-driven robotic and autonomous systems for the efficient handling of cargo. Automated cranes, gantries, and robotic vehicles ensure faster loading and unloading of containers, reducing turnaround times for vessels.
This integration of advanced technologies in seaports significantly enhances their operational efficiency and effectiveness.
𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲:
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𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:
On the basis of technology, the Internet of Things (IoT) segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 23.2% from 2023 to 2032.
On the basis of throughput capacity, the extensively busy segment is estimated to display the highest growth rate.
On the basis of port type, the seaport segment is estimated to display the highest growth rate, in terms of revenue.
Asia-Pacific garnered the highest share of around 40% in 2022, in terms of revenue, growing at a CAGR of 24.3%.
𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
Trelleborg
Kaleris
KONGSBERG
Royal Dutch Shell
Abu Dhabi Ports
IBM Corporation
ABB Ltd.
Huawei Technologies Co. Ltd.
David Correa
Allied Market Research
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